UBS AG contract won by iGATE

MUMBAI, INDIA: iGATE Corporation has secured a major contract with global financial services firm UBS AG as per an announcement.

It adds that UBS currently has a landscape with multiple technology systems and operations across multiple vendors supporting instrument reference data management. Under the terms of the contract, UBS will migrate towards a globally managed service for instrument reference data mastering across all asset classes, operated by iGATE.

iGATE, as further explained, will consolidate multiple technology systems onto the Markit Enterprise Data Management platform and transform the operations using its iTOPS framework. This strategic initiative is claimed to have significant benefits for UBS including improved standardisation, reduced risk, operational complexity and cost.

iGATE has partnered with Markit to drive standardization in the industry by providing a similar managed service to other institutions.

Adrian Boyd, Managing Director, UBS said, "As part of our industrialization efforts, we are simplifying our processes to increase effectiveness and reduce operational risk and cost. Moving towards a managed service model for the supply of financial instrument data is a good example of Industrialization in action at UBS. Following a robust selection process, we decided that iGATE was the best partner with which to deliver the instrument data services that our businesses will need for the future."

Derek Kemp, Executive Vice President and Head of EMEA region, iGATE said, ‘'The deal with UBS marks a significant milestone for iGATE's Business Outcomes model and furthers our aim of shifting the industry from an effort-based business model to an outcomes-driven one. This is a landmark initiative in financial services with an increasing number of financial institutions seeking to consolidate and standardise their instrument data operations and IT across various business units."